NEW YORK (CNNMoney.com) - Stocks crept lower early Thursday, as a surge in bond yields tempered any enthusiasm about upbeat earnings, falling oil prices and the day's economic news.

The Dow Jones industrial average (down 13.53 to 11,116.44, Charts), the broader Standard & Poor's 500 (down 2.48 to 1,285.64, Charts) index and the Nasdaq composite (down 1.50 to 2,313.18, Charts) all inched lower in the early going.

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Stocks inched higher Wednesday, in light trading ahead of Passover, which began Wednesday night and the Good Friday holiday.

Trading volume is expected to remain light on Thursday, ahead of tomorrow's holiday. All financial markets are closed Friday.

Treasury prices slumped, boosting the benchmark 10-year note yield to 5.02 percent from roughly 4.98 percent late Wednesday. Bond prices and yields move in opposite directions.

Earlier, the 10-year note yield hit 5.03 percent, the highest level since June of 2002.

General Electric reported quarterly earnings Friday morning that rose from a year ago and met analysts' estimates, thanks to solid orders across the diversified company. However, the company issued 2006 earnings-per-shares guidance in a range that sets the midpoint below analysts' forecasts. That sent GE (down $0.22 to $34.24, Research) shares a bit lower in the morning.

GE is often seen as a proxy for the economy, due to the breadth of its business.

Late Wednesday, Advanced Micro Devices (down $1.82 to $33.60, Research) reported a first-quarter profit that topped analysts' forecasts, after reporting a loss a year ago. However, the chipmaker also said sales in the second quarter would be flat to lower versus the first quarter, and that sent AMD shares lower.

Since the stock market is closed Friday, Thursday brought a heavy spate of economic news, including March retail sales.

Sales rose 0.6 percent in the month, versus a revised decline of 0.8 percent in February. Economists surveyed by Briefing.com thought sales would rise 0.5 percent.

Sales excluding autos rose 0.4 percent in March, after falling a revised 0.3 percent in February. Economists expected a gain of 0.5 percent.

U.S. light crude oil for May delivery fell 50 cents to $68.12 a barrel in electronic trading.

Oil prices have risen for the last two session on worries about supply disruptions from Iran, after the country's president confirmed it has produced enriched uranium for the first time.

COMEX gold for June delivery fell $3.80 to $597.50 an ounce, not far from a 25-year high hit earlier in the week.

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